This information/graph doesn't say we have the second highest house prices compared to income!

It shows that our house prices since 2004 have increased the 2nd most compared to income. This could be house prices have increased too much, or it could be that incomes are too low.

Very interesting that it shows our rents compared to house prices have stayed at 100 from 2004 to 2011. So my take on this is that its showing that rents have increased as much as property over this time period, which really surprises me

House price index for NZ 1997-2002 is interesting in that it flat-lined.

I think in the past especially prior to the last boom NZ Property prices was somewhat under priced.

from around 2002 NZ appeared to the world as not so far away as it used to be, Safe place and the general exposure for NZ grow globally.

Via lower Travel costs, Film industry and cable TV etc.

Considering that I don't think NZ house prices will EVER go back to the 3 Times House hold income affordability as it use to be prior to the boom. - Not in the main centers and popular / recreational places / towns anyway.

I think some financial and "fundamentals " have changed with time and Progress.

In general I believe The next property boom will not be as long and as big as the last one (2002 - 2007).